COASTAL FINANCIAL CORP
For the period ended Dec 31, 2024. Filed Mar 17, 2025.
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FY2024 · Filed Mar 17, 2025
CCB$43.62+2.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
| ASSETS | ||
|---|---|---|
| December 31,2024 | December 31,2023 | |
| (as restated - see Note 23) | ||
| Cash and due from banks | $36,533 | $31,345 |
| Interest earning deposits with other banks | 415,980 | 451,783 |
| Investment securities, available for sale, at fair value | 35 | 99,504 |
| Investment securities, held to maturity, at amortized cost | 47,286 | 50,860 |
| Other investments | 10,800 | 10,227 |
| Loans held for sale | 20,600 | — |
| Loans receivable | 3,486,565 | 3,021,542 |
| Allowance for credit losses | (176,994) | (117,381) |
| Total loans receivable, net | 3,309,571 | 2,904,161 |
| CCBX credit enhancement asset | 181,890 | 112,894 |
| CCBX receivable | 14,138 | 9,088 |
| Premises and equipment, net | 27,431 | 22,090 |
| Lease right-of-use assets | 5,219 | 5,932 |
| Accrued interest receivable | 21,104 | 23,458 |
| Bank-owned life insurance, net | 13,375 | 12,870 |
| Deferred tax asset, net | 3,600 | 3,806 |
| Other assets | 13,646 | 11,987 |
| Total assets | $4,121,208 | $3,750,005 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| LIABILITIES | ||
| Deposits | $3,585,332 | $3,360,363 |
| Subordinated debt, net | ||
| Principal amount $45,000 (less unamortized debt issuance costs of $707 and $856) at December 31, 2024 and December 31, 2023, respectively | 44,293 | 44,144 |
| Junior subordinated debentures, net | ||
| Principal amount $3,609 (less unamortized debt issuance costs of $18 and $19 at December 31, 2024 and December 31, 2023, respectively) | 3,591 | 3,590 |
| Deferred compensation | 332 | 479 |
| Accrued interest payable | 962 | 892 |
| Lease liabilities | 5,398 | 6,124 |
| CCBX payable | 29,171 | 30,290 |
| Other liabilities | 13,425 | 9,145 |
| Total liabilities | 3,682,504 | 3,455,027 |
| SHAREHOLDERS’ EQUITY | ||
| Preferred stock, no par value: | ||
| Authorized: 25,000,000 shares at December 31, 2024 and December 31, 2023; issued and outstanding: zero shares at December 31, 2024 and December 31, 2023 | — | — |
| Common stock, no par value: | ||
| Authorized: 300,000,000 shares at December 31, 2024 and December 31, 2023; 14,935,298 shares at December 31, 2024 issued and outstanding and 13,304,339 shares at December 31, 2023 issued and outstanding | 228,177 | 130,136 |
| Retained earnings | 210,529 | 165,311 |
| Accumulated other comprehensive loss, net of tax | (2) | (469) |
| Total shareholders’ equity | 438,704 | 294,978 |
| Total liabilities and shareholders’ equity | $4,121,208 | $3,750,005 |
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